Fast Facts | Rocket Companies (2024)

FAQs

Where does Rocket Mortgage get its money? ›

In the third quarter of 2022, the title of largest overall lender was relinquished to United Wholesale Mortgage Company. Rocket Mortgage relies on wholesale funding to make its loans and uses online applications rather than a branch system.

Rocket Mortgage was formerly known as Quicken Loans, but officially changed its name in 2021. Owned by Rocket Companies, Rocket Mortgage has grown to become one of the most popular mortgage lenders in America.

Rocket Money was originally known as Truebill when it was founded in 2015. The company was acquired in 2021 by Rocket Companies—which also owns Rocket Mortgage, Rocket Loans, and is the issuer of the Rocket Visa Signature® Card.

Dan Gilbert led a small group of private investors in purchasing Quicken Loans Inc. back from Intuit. The company retained all Quicken Loans branding and marketing initiatives.

Cons. Getting a customized interest rate requires a credit check, which can affect your credit score. Origination fees are on the high side compared with other lenders, according to the latest federal data. Doesn't offer home equity lines of credit.

Rocket Mortgage has agreed to pay up to $3.5 million to settle a class action lawsuit from mortgage bankers claiming that the company failed to properly pay them overtime wages.

The complaint alleges that the manipulative design of Rocket Money's interface and its misleading representations to consumers are unfair, deceptive, and abusive practices under the Dodd-Frank Act.

Is Rocket Money legit? Yes, Rocket Money is a legitimate budgeting app that can help you track your spending habits, identify ways to save money and get a better handle on your personal finances. It has a 4.5-star (out of 5) rating on Trustpilot and is accredited by the Better Business Bureau.

While Mint was an excellent budgeting app, Rocket Money also has budgeting features to help you stay on track. Besides helping you track and manage your money, it has tools for negotiating your bills, managing streaming services subscriptions, and more.

Quicken Loans main competitors are Homesite Mortgage, Tradition Mortgage, and The Money Source. Competitor Summary. See how Quicken Loans compares to its main competitors: loanDepot has the most employees (11,307).

Who is America's largest mortgage lender? ›

Is Rocket Mortgage the Same as Quicken? Yes. Rocket Mortgage used to be called Quicken Loans. However, the corporate name was changed in May 2021 so as to be consistent with the name of its parent company, Rocket Companies.

Rocket Companies

Rock Holdings Inc.

Rocket had a net loss of $390 million on $3.8 billion in revenue for all of 2023, compared with a profit of $700 million in 2022. Most of that red ink appeared in the fourth quarter, when Rocket saw a $233 million net loss on $694 million in revenue.

Online mortgage lender Rocket Mortgage is not run by a bank, but by parent company Rocket Companies.

Mortgage servicing giant Rocket Mortgage recently announced the sale of 4% of its servicing book to JP Morgan Chase. This strategic transaction positions JP Morgan Chase to become the largest mortgage servicer in America, surpassing Wells Fargo in the servicing space for the first time.